MARA sold $1.5B in Bitcoin, cuts workforce, and buys $1.5B Ohio power plant to pivot from mining to AI.

MARA Holdings sold 20,880 Bitcoin for about $1.5 billion in Q1 2026, using the proceeds mainly to repurchase $1 billion in convertible notes and reduce debt. The company cut its workforce by 15% to save $12 million annually, reflecting a strategic shift from Bitcoin mining toward AI and critical IT infrastructure. MARA also agreed to acquire a 505 MW Ohio gas-fired power plant for $1.5 billion to develop an AI campus, aiming to scale beyond one gigawatt by mid-2028. Despite holding 35,303 BTC worth $2.9 billion, MARA reported a $1.26 billion net loss and an 18% revenue decline to $175 million in Q1 2026.